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The CEO of Merck has an ominous warning for the middlemen who stand between drug makers and patients
Merck CEO Kenneth Frazier thinks something has to change within the pharmaceutical industry to fix the issue of drug pricing. "I don't understand where we live in a world where 50% of the value goes to supply chain," Frazier said at an event at the Economic Club of New York.
New Jersey-based pharmaceutical giant Merck said Wednesday that its board of directors had overturned a policy requiring CEOs to retire when they turn 65, allowing Frazier to stick around past December 2019.
Merck & Co. weighs the importance of all of its shareholders' desires alongside potential business impact and corresponding risk.
"Based on our conversations with investors, we believe most respect Mr. Frazier's decision," one analyst wrote.
From the son of a janitor to CEO of Merck: Meet Kenneth Frazier, who’s getting praised after leaving Trump’s manufacturing council
Here's how Kenneth Frazier came to become CEO of Merck, one of the biggest pharmaceutical companies in the world.
TRUMP: CEOs dropping out of manufacturing council are ‘grandstanders’ and there are ‘many to take their place’
"For every CEO that drops out of the Manufacturing Council, I have many to take their place," Trump tweeted. "Grandstanders should not have gone on. JOBS!"